Britain fines UBS for 'defective' controls
Published: 26 Nov 2012 09:10 GMT+01:00 | Print version
Updated: 26 Nov 2012 09:10 GMT+01:00
Britain's financial regulator has fined Swiss bank UBS £29.7 million ($47.6 million) for failings that allowed trader Kweku Adoboli to commit the country's biggest fraud.
- New York state sues Credit Suisse for fraud (21 Nov 12)
- UBS trader jailed seven years in UK's top fraud (20 Nov 12)
- French charge ex-UBS manager over tax case (19 Nov 12)
The Financial Services Authority (FSA) announced the fine on Monday.
Adoboli, 32, was jailed last week for seven years after gambling away $2.3 billion of the lender's money.
"UBS's systems and controls were seriously defective," said Tracey McDermott, the FSA's director of enforcement and financial crime.
A jury in London last week found the Ghanaian-born banker guilty of two counts of fraud, though it cleared him of four charges of false accounting.
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